Timberwolves Sale Drama: Rodriguez And Lore Clap Back As Owner Declares Franchise "No Longer For Sale"

Photo: Instagram/Glen Taylor

Glen Taylor, owner of the Minnesota Timberwolves and Minnesota Lynx, declared on Thursday that the franchises are no longer for sale. 

This announcement came after prospective buyers, Marc Lore and Alex Rodriguez, failed to meet the deadline to close the deal.

Taylor's decision stemmed from Lore and Rodriguez's inability to finalize the acquisition within the agreed-upon timeframe.

Photo: Instagram/Glen Taylor

Despite Lore and Rodriguez securing necessary funding, Taylor cited unresolved NBA approval processes and outstanding financial exchanges as reasons for the termination of the sale agreement.

Expressing disappointment with Taylor's statement, Lore and Rodriguez maintain that they have fulfilled their obligations and are committed to completing the purchase pending NBA approval. 

They attribute Taylor's actions to "seller's remorse" and deem it disruptive during a historic winning season for the Timberwolves.

The dispute, outlined in the purchase agreement, is expected to undergo mediation and arbitration for resolution. Lore and Rodriguez, who had already acquired a 40% stake in the franchises, were scheduled to increase their ownership to 80% this week.

Despite the sale turmoil, the Timberwolves stand at an impressive 50-22 record this season, contending for the top seed in the Western Conference. Recent signings, including guard Mike Conley's contract extension, signal the team's commitment to success amidst financial uncertainties.

Read Next: LeBron James Prioritizes Health Over Playoff Seeding Amid Lakers' Play-In Battle

Source: CBS Sports 


Trending Now

Justin Gaethje Reacts To Knockout Loss To Max Holloway at UFC 300

OnlyFans Photos & Videos of WNBA Player Elizabeth Cambage Leak

Antonio Brown Blocked By WNBA's Rising Star Caitlin Clark

Sixers Unveil Allen Iverson Sculpture at Training Complex

Max Holloway's Spectacular KO Rocks UFC 300

Cooper Flagg Leads Team USA To Victory Over Team World at Nike Hoop Summit

Albany Football Star AJ Simon Passes Away at Age 25, Just A Week Before NFL Draft

Caitlin Clark Close To Signing Big Deal With Nike, Including Her Own Shoe

Team USA Finalizes Roster For 2024 Olympics: LeBron James And Stephen Curry Lead The Charge

Ryan Garcia Misses Weight For Devin Haney Fight; New Agreement Reached